By ALLISSA KLINE
akline@bizjournals.com | 716-541-1612

Northwest Bancshares Inc. reported Monday that third-quarter net income rose to $15.5 million, or 14 cents per share.

That's an increase of 28.1 percent from a year ago when the Warren, Pa.-based banking institution earned $12.1 million, or 11 cents per share.

An increase in interest income from loans receivable, combined with a decrease in the cost of deposits, drove up the company's net interest income. It rose to $66.7 million for the quarter ending Sept. 30, up 17.4 percent from $56.8 million for the same quarter last year.

Noninterest income, meanwhile, decreased 1.43 percent to $13.8 million, compared with $14 million reported a year ago. The provision for loan losses increased to $9.9 million, up from $9.8 million a year ago. The allowance for loan losses was $77.2 million, or 1.38 percent of total loans, up from $67.8 million, or 1.32 percent of total loans, last year.

Northwest Bancshares is the parent of Northwest Savings Bank and Jamestown Savings Bank. It recently opened its first office in Niagara County.